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Only One Bed for Two Dreams: A Critical Retrospective on the Debate over the Economic Governance of the Euro Area

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  • JEAN PISANI-FERRY

Abstract

This article investigates why economic governance of EMU remains a matter for disagreement, revisiting in particular the Franco-German debate about the appropriate architecture. Is it due to divergent policy priorities within the same analytical framework? To different economic models? Or to non-economic considerations, such as the link with political union? Copyright 2006 Blackwell Publishing Ltd.

Suggested Citation

  • Jean Pisani-Ferry, 2006. "Only One Bed for Two Dreams: A Critical Retrospective on the Debate over the Economic Governance of the Euro Area," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 823-844, November.
    • Handle: RePEc:bla:jcmkts:v:44:y:2006:i::p:823-844
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    References listed on IDEAS

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    1. Blanchard, Olivier & Giavazzi, Francesco, 2004. "Improving the SGP Through a Proper Accounting of Public Investment," CEPR Discussion Papers 4220, C.E.P.R. Discussion Papers.
    2. Jordi Galí & J. David López-Salido & Javier Vallés, 2007. "Understanding the Effects of Government Spending on Consumption," Journal of the European Economic Association, MIT Press, vol. 5(1), pages 227-270, March.
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    4. André Sapir & Jean Pisani-Ferry, 2006. "Last exit to Lisbon," ULB Institutional Repository 2013/8106, ULB -- Universite Libre de Bruxelles.
    5. Alan Ahearne & Jean Pisani-Ferry, 2006. "The Euro- only for the agile," Policy Briefs 42, Bruegel.
    6. Paul De Grauwe, 2006. "On monetary and political union," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 7(04), pages 3-10, December.
    7. Sapir, Andre & Aghion, Philippe & Bertola, Giuseppe & Hellwig, Martin & Pisani-Ferry, Jean & Rosati, Dariusz & Vinals, Jose & Wallace, Helen, 2004. "An Agenda for a Growing Europe: The Sapir Report," OUP Catalogue, Oxford University Press, number 9780199271498, Decembrie.
    8. Martin Feldstein, 2002. "The Role for Discretionary Fiscal Policy in a Low Interest Rate Environment," NBER Working Papers 9203, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Christos J. Paraskevopoulos, 2017. "Varieties of capitalism, quality of government, and policy conditionality in Southern Europe:Greece and Portugal in comparative perspective," GreeSE – Hellenic Observatory Papers on Greece and Southeast Europe 117, Hellenic Observatory, LSE.
    2. Fabio Balboni & Marco Buti & Martin Larch, 2007. "ECB vs Council vs Commission: Monetary and fiscal policy interactions in the EMU when cyclical conditions are uncertain," European Economy - Economic Papers 2008 - 2015 277, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    3. Dermot Hodson, 2013. "The Eurozone in 2012: ‘Whatever It Takes to Preserve the Euro'?," Journal of Common Market Studies, Wiley Blackwell, vol. 51, pages 183-200, September.
    4. Niels Thygesen, 2007. "Gouvernance économique dans la zone euro : évolution ou conflit ?," Revue d'Économie Financière, Programme National Persée, vol. 88(2), pages 233-243.
    5. Davide VITTORI, 2013. "A political crisis in an economic tempest (January 2008 – December 2012)," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4, pages 105-126, June.
    6. Luigi Bonatti & Andrea Fracasso, 2017. "Addressing the Core-Periphery Imbalances in Europe: Resource Misallocation and Expansionary Fiscal Policies," EconPol Working Paper 6, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

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